JSW Infrastructure Q2 Results: Profit Up 85%, To Buy UAE Oil Terminal For Rs 1,555 Crore
JSW Infrastructure Ltd. reported an 85% jump in its net profit for the quarter ended September, aided by an increase in volume offtake.
The company's net profit increased 85% year-on-year to Rs 255.9 crore in the quarter ended September, according to an exchange filing on Friday.
The second largest port operator reported Ebitda growth on the back of increased revenue and cost control.
The increase in cargo is mainly attributable to the rise in capacity utilisation at the Paradip iron ore terminal, Paradip coal terminal, and an increased offtake by JSW Steel at Dharamtar and Jaigarh port, it said.
JSW Infrastructure Q2 FY24 Highlights (YoY)
Revenue up 28.14% at Rs 848.31 crore vs Rs 662 crore.
Ebitda up 32.6% at Rs 452.2 crore vs Rs 341 crore.
Margin at 53.3% vs 51.5%.
Net profit up 85% at Rs 255.9 crore vs Rs 138.3 crore.
The company's board approved the acquisition of Marine Oil Terminal Corp. along with its Fujairah branch by JSW Terminal (Middle East) FZE, for Rs 1,555 crore. Post this, Marine Oil Terminal will become the step-down subsidiary of the JSW Infrastructure.
Further, the board also approved the purchase of container train operator licence from Sical Multimodal and Rail Transport Ltd., to expand its footprint in the logistics business and participate in the Container Train Operations Business.
This will be subject to receipt of requisite approvals and government clearances, it said.
Shares of JSW Infrastructure closed 0.26% lower at Rs 171.3 apiece, as compared with a 0.51% advance in the benchmark Nifty 50 on Saturday.
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